AQUA reported 3Q15 net profit of Bt69.61mn (+108.16%). 9M15 net profit was Bt221.96mn (+114.74%) backed by a growth in sales of electricity, warehouses, and ads. (Khao Hoon, 17/11/15)
ATP30 has three new customers. It will supply 30 cars that will contribute revenue from the beginning of 2016. It reported 3Q15 net profit of Bt2mn. 9M15 revenue grew 14.81%. It is confident 2015 revenue will reach Bt270mn (+15%). (Khao Hoon, 17/11/15)
BMCL reported 3Q15 net loss of Bt148.18mn (-7%). Ridership rose to 300,000, raising revenue from fares by 9.66% while commercial development revenue rose 6%. (Khao Hoon, 17/11/15)
Comment: CK has decided to merge BECL and BMCL they need the clean balance sheet of BECL to finance all of BMCL’s future growth
CHOW reported 3Q15 net profit of Bt36.27mn backed by implementing cost control, revenue from power business and FX gain. (Thun Hoon, 17/11/15)
Comment: We do wonder at what point will CHOW begin to recognise its expansion into Japan
COL expects 2016 revenue to grow 15% from Bt10bn this year. It plans to switch online sales to market place. It has budgeted Bt1bn to broaden its market at home and abroad. (Khao Hoon, 17/11/15)
Comment: A switch from online sales to market place? Wait isn’t this an ecommerce business? I have often thought aloud that for this company to be the equivalent of, say, Amazon, a change in management and mind set would be needed.
EPG expects FY2015 revenue to grow 25-30% backed by high orders on seasonality. It plans to pay an interim dividend of Bt0.08/share, XD on Nov 24 on 1HFY15 net profit of Bt711mn. EPG expects to be included in the SET100. (Khao Hoon, 17/11/15)
Comment: A wonderful black box of a company, how do you value a patent? How much is such technology worth?
ILINK expects 4Q15 earnings to be good with revenue improving in every business. It expects 2015 revenue of Bt3bn. It plans to take part in Bt4.4bn bidding. It targets 2016 revenue growth of 10%. It plans to list ITEL on the SET in June 2016. (Khao Hoon, 17/11/15)
Comment: Still one of the main winners in the digital economy (although this news has died down quite a bit)
KTC plans to boost credit card spending by launching a marketing campaign and introducing mobile app “TapKTC”. It reported 3Q15 net profit of Bt499mn (+8%QoQ). 9M15 net profit rose 16% on the back of decreasing cost of financing. (Thun Hoon, 17/11/15)
Comment: Loved it for its turnaround, don’t care much for it anymore.
MALEE expects 2015 revenue to grow 10% despite an industry slowdown. 4Q15 performance is expected to be good on seasonality. It is talking to a prospective partner in the Philippines and expects the talks to be finalized in 4Q15. (Khao Hoon, 17/11/15)
Comment: Well hopefully the expansion to the Philippines can be a success case for MALEE.
NDR expects 2016 revenue of Bt1bn with a record high net profit though 2015 net profit may slide. It is confident 4Q15 earnings will be good on the back of orders from India. It plans to expand its market to Indonesia. (Khao Hoon, 17/11/15)
PSTC’s board has approved acquiring a 7MW biomass power plant. It expects this to contribute revenue of Bt200mn/year. It plans to invest in five alternative energy businesses, valued at Bt962mn. It plans to do a capital increase with rights at a ratio of 1:1 with free warrant. (Thun Hoon, 17/11/15)
Comment: Another listed company with a total unrelated business model has decided to shift in renewable energy, at one point all these plants are going to be inefficiently managed and I can see a larger, more savvy player picking them up at cents on the dollar.
SIRI reported 3Q15 net profit of Bt1.06bn (+34%); 9M15 net profit was Bt2.5bn on 43% growth in revenue from project sales and 141% growth in revenue from business management. It has approved setting up five new JV companies with BTS. (Khao Hoon, 17/11/15)
SRICHA has signed an MoU with Amec Foster Wheeler. It expects this to increase its opportunity to be awarded in more projects that will raise its backlog. 9M15 net profit was Bt295mn. (Khao Hoon, 17/11/15)
SVOA reported 9M15 net profit growth of 229.71%. It expects 4Q15 earnings to be good and lift 2015 net profit to a new high (+200%YoY). It expects a performance turnaround for the next three years on the back of IT projects and listing subsidiary “DATAONE”. (Thun Hoon, 17/11/15)
SYNTEC has been awarded Bt10bn in projects this year, increasing its backlog to Bt12bn, a record high. It plans to take part in Bt5bn bidding. 3Q15 net profit growth was 100.43% and 9M15 net profit was its highest ever at Bt442mn. It expects 2015 net profit to mark a record high. (Thun Hoon, 17/11/15)
Comment: This years growth is no surprise for SYNTEC given that they have a tax shield protection, the issue will be going forward, its a nicely run small/mid construction company but I don’t see it going for the larger projects anytime soon.
TASCO expects 4Q15 sales to reach a new high backed by an increase in asphalt demand brought by government investment. It expects 2015 asphalt sales to grow 15%. (Khao Hoon, 17/11/15)
Comment: The question here is, when, not if, will their margins return to single digits, the answer? When oil prices stop dropping and asphalt prices decline to the usual spread between the two.
THE expects the steel business to bottom out and recover next year. It plans a capital increase of not exceeding Bt700mn to invest in power business via buying shares in four companies. (Khao Hoon, 17/11/15)
TRC plans to bid for more projects. It targets revenue of Bt10bn by 2019. It reported 3Q15 revenue of Bt905.26mn compared to 3Q14’s Bt98.66mn. 9M15 net profit was Bt206.94mn, up by Bt22.37mn from 3Q14. (Thun Hoon, 17/11/15)
TSR approved the issuance of warrant No.1 to existing shareholders (ratio 1:1, exercise price Bt2 within three years), XR Dec 11. It reported 3Q15 net profit of Bt48mn (+82%); 9M15 net profit was Bt100mn. It plans to continue to expand its market. (Thun Hoon, 17/11/15)
Comment: Love the business, great management, but in 10 years from now most of the upper tier will be near 80, granted for investors that is too far away but succession planning is an issue for a lot of these types of companies in Thailand and the region..
TTA plans to take over new businesses with deals expected to be finalized by the end of this year or the beginning of 2016. It reported 3Q15 net profit of Bt382.7mn (+183%QoQ) aided by Mermaid and Thoresen Shipping. (Thun Hoon, 17/11/15)
Comment: Still one of the strangest holding companies around today